Rogers Media uses cookies for personalization, to customize its online advertisements, and for other purposes. Learn more or change your cookie preferences. Rogers Media supports the Digital Advertising Alliance principles. By continuing to use our service, you agree to our use of cookies.

We use cookies (why?) You can change cookie preferences. Continued site use signifies consent.

Intertape Polymer’s Q4 profit surges to US$53.6 million on large tax benefit

Mar 12, 2014
The Canadian Press

MONTREAL – Intertape Polymer Group capped off a strong year as its net income surged nearly 10-fold to US$53.6 million in the fourth quarter on a large deferred income tax benefit.

Despite a slow economic recovery in North America, the Montreal-based maker of paper and polyolefin packaging products said it earned 86 cents per diluted share for the period ended Dec. 31. That compared to nine cents per share a year earlier when it earned US$5.7 million in net profits.

During the quarter, the company’s profits benefited from the recognition of US$38.4 million of net deferred taxes in the U.S. and Canada.

Revenues increased 1.1 per cent to US$191.5 million.

Excluding one-time items, Intertape (TSX: ITP), which reports in U.S. dollars, earned $52.5 million or 84 cents per diluted share, up from $10 million or 16 cents per share a year earlier.

For the full year, the company earned $67.4 million or $1.09 per diluted share, up from $20.4 million or 34 cents per share in 2012. Revenues decreased slightly to $781.5 million.

Adjusted pre-tax operating earnings (EBITDA) increased for the third consecutive year, rising by 20 per cent to $103.1 million in 2013 as it improved its mix of products and reduced manufacturing costs.

Intertape said it reduced total debt by $21.5 million last year to $129.8 million.

The company expects to continue reducing manufacturing costs in 2014 as it relocates its plant in South Carolina.

Intertape’s shares lost 16 cents at C$12.75 in Wednesday morning trading on the Toronto Stock Exchange.

Almost Done!

Please confirm the information below before signing up.

{* #socialRegistrationForm *}
{* socialRegistration_firstName *}
{* socialRegistration_lastName *}
{* socialRegistration_emailAddress *}
{* socialRegistration_displayName *}
By clicking "Create Account", I confirm that I have read and understood each of the website terms of service and privacy policy and that I agree to be bound by them.